- BILATERAL
INDIA TERMS PANNUN CASE BASELESS AFTER U.S COURT ISSUES SUMMONS
- Who is Gurpatwant Singh Pannun?
- He is a leader of the Sikhs For Justice (SFJ), a pro-Khalistan organization that advocates for a separate Sikh homeland.
- SFJ has been banned in India under the Unlawful Activities (Prevention) Act (UAPA) due to its involvement in activities deemed anti-national and subversive.
- The U.S. Court Summons Summons Details:
- The U.S. court issued summons to several Indian officials, including National Security Adviser Ajit Doval and former RAW chief Samant Goel.
- The summons is in response to a civil case filed by Pannun against the Government of India and specific individuals.
- Allegations:
- The case alleges that an Indian government agent orchestrated a plot from India to kill an American citizen on U.S. soil.
- The U.S. Department of Justice had issued charges related to this plot in November 2023.
- India’s Response Official Stance: Foreign Secretary Vikram Misri termed the case as “unwarranted and unsubstantiated.”
- He emphasized that the allegations are being investigated by a high-level committee and relevant agencies from both countries are engaged in discussions
2. ECONOMY
CENTRE TO PROBE DEATH OF ERNST AND YOUTH STAFFER
- The tragic death of Anna Sebastian Perayil, a young employee at Ernst & Young (EY) in Pune, has brought to light the severe issues surrounding work-life balance in Indian corporates. This incident has sparked widespread discussions and prompted the Ministry of Labour and Employment to initiate a thorough investigation into the matter. Below are the key issues related to work-life balance in Indian corporates:
- Long Working Hours: Many corporates expect employees to work beyond the standard 9-to-5 schedule, often extending into late nights and weekends — without Overtime Compensation, leading to exploitation and burnout.
- High Workload and Stress: Employees are given Unrealistic Deadlines, contributing to high stress levels — placing immense Pressure to Perform on employees, often at the cost of their mental and physical health.
- Inadequate Support Systems: Many companies Lack Mental Health Resources, such as counseling services or stress management programs.
- Poor Management Practices: Excessive Micromanagement and Lack of Empathy by managers.
- Cultural Factors: There is a prevalent Workaholic Culture that glorifies overworking and equates long hours with dedication and success and Stigma Around Taking Breaks, fearing it may impact their career progression.
- Impact on Health: Long hours and high stress can lead to Physical Health Issues such as back pain, eye strain, and other chronic conditions such as Mental Health Issues (anxiety, depression, and burnout).
- Work-Life Integration Challenges: Employees struggle to manage personal responsibilities and relationships due to demanding work schedules. The imbalance leaves little to no Personal Time for hobbies, relaxation, or family time.
3. AGRICULTURE
COMMITTEE CONTINUES TO WORK ON MSP PROPOSALS SAYS UNION AGRICULTURE MINISTER
- No Commitment on Legalised MSP:Union Agriculture Minister Shivraj Singh Chouhan did not commit to legalising the Minimum Support Price (MSP) despite demands from farmers’ groups.
- Committee on Legalised MSP: A committee, set up in 2022 after protests against three repealed farm laws, has had 23 meetings.
- The committee, headed by former Agriculture Secretary Sanjay Agrawal, is expected to release its final report soon.
- Convergence of Schemes: The Price Support Scheme (PSS) and Price Stabilisation Fund (PSF) have been merged under the PM AASHA scheme to better serve farmers and consumers.
- Enhanced Procurement Guarantee: The government has increased the existing guarantee to ₹45,000 crore for the procurement of pulses, oilseeds, and copra at MSP.
- From the 2024-25 season onward, procurement of these crops at MSP under PSS will cover 25% of national production, allowing states to procure more at MSP
4. SCIENCE AND TECHNOLOGY
NEW ANIMATION, VFX CENTRE TO CREATE 5 LAKH JOBS, SAYS I&B MINISTER
- The National Centre of Excellence (NCoE) for Animation, Visual Effects, Gaming, Comics, and Extended Reality (AVGC-XR) is an initiative by the Indian government aimed at fostering growth and innovation in the AVGC sector. This centre is expected to create significant employment opportunities and serve as a hub for skill development in immersive technologies.
- Job Creation: The NCoE for AVGC-XR is projected to create approximately 500,000 jobs.
- This initiative aims to tap into the growing demand for skilled professionals in the AVGC sector.
- Scope of AVGC and Immersive Technologies: Animation: Creating moving images through the use of computer graphics.
- Visual Effects (VFX): Enhancing live-action footage with computergenerated imagery.
- Gaming: Development of interactive video games.
- Comics: Creation of graphic novels and comic books.
- Extended Reality (XR): Encompasses Virtual Reality (VR), Augmented Reality (AR), and Mixed Reality (MR).
- Applications and Opportunities: Virtual Reality (VR): Creating fully immersive digital environments.
- Augmented Reality (AR): Overlaying digital information on the real world.
- Mixed Reality (MR): Blending real and virtual worlds to produce new environments.
- 3D Modelling & Animation: Crafting three-dimensional representations of objects and characters.
- Industry Impact: Films like “RRR,” “Baahubali,” “The Lion King,” and “Avatar” have showcased the potential of animation and immersive technology.
- The AVGC sector is poised for significant growth, offering vast opportunities for employment and innovation.
- Skill Development: The NCoE will serve as a gateway for aspirants to master immersive technologies.
- It will provide training and resources for 3D animators, VR/AR creators, game developers, and comic artists
5. POLITY
FED RATE CUT TO HAVE MUTED IMPACT ON INDIA
- The U.S. Federal Reserve’s decision to cut interest rates by 50 basis points has various implications for the global economy, including India. Chief Economic Adviser (CEA) V. Anantha Nageswaran has provided insights into how this rate cut will affect India and other emerging economies.
- Key Points from CEA’s Statement
- Limited Impact on India: The rate cut will have a muted impact on India. While it generally lowers the dollar cost of capital and increases dollar liquidity, other factors such as geopolitical conflicts and the upcoming U.S. elections also play a significant role.
- The global economy is slowing, which means the rate cut alone cannot be seen as a major boost.
- Market Reactions: Much of the rate cut was already “priced in” by the markets. This means that investors had anticipated the rate cut, and its announcement did not lead to significant market movements.
- U.S. stock markets ended in the red after the rate cut was announced, indicating that the cut did not have a strong positive impact.
- Positive for Emerging Economies: On balance, the rate cut is positive for emerging economies, including India. However, the impact will be limited as India has already been attracting significant investor interest.
- The rate cut is not a game-changer for investor interest in India, which has been strong for several years.
- Private Sector Investment: The CEA dismissed concerns about private investors’ reluctance to invest. He asserted that the private sector has already joined the investment party.
- The investment growth may be slower compared to the 2003-2008 period, but it is more sustainable
ONE LINER
- Air Marshal Amar Preet Singh appointed as the new chief of the Indian Air Force
- Hindustan Aeronautics has developed a light helicoptercalled Dhruv for the military. Through this, the snowy mountains can be observed at night.
